Currency fluctuations force tougher customs measures

Alan Peat
THE VERY volatile exchange rate has seen customs becoming much stricter about proof of the date on which goods are "shipped on board" the aircraft or ship bringing the import goods to SA.
This because the value of imported goods, and the amounts of duty, VAT and wharfage payable, fluctuate in line with the exchange rate of the rand.
This is laid down in the Customs Act, which stipulates that the exchange rate to be applied is that ruling on the day when the goods are loaded on board.
FTW has been told that, ideally, this date should appear as a signed endorsement on the original bill of lading although customs will also accept an arrival notification bearing this information.
Advice from a forwarder is that importers - when placing overseas indents - should request that the "shipped on board" dates appear on bills of lading.
In the case of those paying by letter of credit, it is recommended that the seller should be asked to compile a bill showing that date as one of the conditions of payment.